Will Social Security checks be late? How debt limit fight could impact July payments
Millions of Americans rely on Social Security benefits but the ongoing debt limit fight could put those payments in jeopardy.
If the debt ceiling isn’t raised by the projected default date in June, July Social Security benefits could be delayed, USA Today reported.
Treasury Secretary Janet Yellen said Congressional failure to move the debt limit could result in default on interest payments that are due on the debt or benefits for Social Security recipients or Medicare providers.
“We would simply not have enough cash to meet all of our obligations,” she said Sunday on ABC’s “This Week.” “And it’s widely agreed that financial and economic chaos would ensue.”
Yellen said while elected officials have emphasized the desire to not have payments interrupted or delayed, there are no plans for what exactly would take place. Meetings over the debt limit are ongoing but, for now, Republicans are refusing to raise the debt ceiling without spending cuts while Democrats said those cuts should be a separate discussion.
About 66 million Americans – including retirees, millions of children and others with severe disabilities – receive Social Security payments.
July’s first Social Security payment is scheduled for July 11th for those with birthdates on the 1 through 10th; July 18th for those bot on the 11th through 20th and July 25th for 21st through 31st birthdays.